Writings by James F. McDonough

James F. McDonough, Jr. concentrates on wealth preservation and estate planning for high net worth individuals, closely held business matters and ownership succession, estate administration and income tax planning.

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Tax Foundation Ranks US Tax Code 31 Out of 34 Developed Nations

The Tax Foundation, a think tank that examines issues of public tax policy, released a new report ranking the tax codes of the 34 developed countries in the Organization for Economic Cooperation and Development. The U.S. was ranked poorly, coming in at number 31 out of 34, according to Business Insider. Estonia, New Zealand and […]

Author: James F. McDonough

September 23, 2014

Scarinci Hollenbeck

Fact Checking a Senator Bernie Sanders

Unlike other election years, in which social issues have tended to dominate the discourse, the upcoming election is largely focused around tax law – specifically corporate tax law. As a part of his campaign, independent Vermont Senator Bernie Sanders has been posting “memes” that include pictures of himself alongside memorable quotes. This one in particular, which […]

Author: James F. McDonough

September 16, 2014

Scarinci Hollenbeck

Delaware Legislates On Digital Assets In Estate Planning

One aspect that has confounded the estate planning world in recent years is the inheritance of digital assets. While many of these assets usually hold only sentimental value – like social media profiles, email addresses, etc. – some can be extremely valuable. Now that so much of our financial life can be conducted online, via […]

Author: James F. McDonough

September 10, 2014

Scarinci Hollenbeck

Burger King Eyes Canadian Inversion

Amid all of the recent news coverage of American multinational corporations inverting to redomicile in distant foreign countries, a massive deal is going down just next door. Burger King announced this morning that it reached a deal with Canadian fast food restaurant Tim Hortons, which primarily serves breakfast fare. If the proposed merger were to […]

Author: James F. McDonough

September 3, 2014

NJ Supreme Court Rules Fitness Centers Can’t Disclaim All Personal Injury Liability

In a precedential ruling, the Supreme Court of New Jersey recently held that a fitness center could not insulate itself through an exculpatory clause from the ordinary common law duty of care owed by all businesses to its invitees. The case involved a slip and fall inside a New Jersey YMCA. We also offer the […]

Author: James F. McDonough

August 29, 2014

IMF: Japan May Be Unable To Afford Its Corporate Tax Cuts

In an International Monetary Fund Working Paper published recently, Ruud De Mooij and Ikuo Saito discussed the effects of the Japanese government’s upcoming corporate tax cut. The current Japanese tax on corporate income is 35 percent – on par with the American tax. After the cut, Japan’s rate will be reduced to 30 percent, leaving […]

Author: James F. McDonough

August 28, 2014

Will Stepping-Up The Basis of Assets Become More Important Than Avoiding Estate Tax?

Trends come and go and taxation is no different. The change in 2001 to raise the estate tax exemption, now $5,340,000, and to lower the top estate tax rate, now 40%, shifted the emphasis in estate tax planning. The combined estates of most American couples will remain below $10,680,000, so estate tax is no longer […]

Author: James F. McDonough

August 25, 2014

Robin Williams Estate Plan Leaves Heirs In Right Hands

After the loss of comedy icon Robin Williams, the entertainment community is still reeling in shock. One ray of light for Williams’ relations, however, is that his well thought-out estate plan seems likely to leave his heirs in good hands. Large sums of money, extreme attention from fans and the stress of living life in […]

Author: James F. McDonough

August 18, 2014

REITs And The Corporate Tax Base

As the U.S. public becomes more aware about corporate taxation issues, the topic of corporate inversions has become highly politicized. A number of politicians have gone as far as to call multinationals that perform the move “un-patriotic,” ahead of the November midterm elections. Meanwhile, there are other, less controversial taxation issues that could potentially cause […]

Author: James F. McDonough

August 12, 2014

Inversions To Be An Election Hot-Button Issue

Corporate inversions, in which a U.S.-based multinational acquires a smaller, foreign firm in order to re-domicile in a new, lower-tax country, have become a serious issue in American politics recently. Now, it appears that this issue may be a powerful motivator in the upcoming midterm House and Senate elections this November, according to The Wall […]

Author: James F. McDonough

August 4, 2014

Income Tax

IRS: One IRA rollover per year as of 2015

The IRS has made a ruling on IRA rollovers in order to close a loophole ruled on earlier this year. In January, a U.S. Tax Court judge ruled that the actions of tax attorney Alvan Bobrow and his wife were not allowed under the Internal Revenue Code, according to Pacifica Wealth Advisors. In 2008, the couple […]

Author: James F. McDonough

August 1, 2014

What Corporate Inversions Are Telling Us (And What Washington Refuses To Hear)

What do AbbVie and Shire; Walgreens and Alliance Boots GmbH; Pfizer and AstraZeneca; Medtronics and Covidien Plc; Perrigo and Elan;, Actavis and Warner-Chilcott have in common? They are companies undertaking corporate inversion transactions whereby the U.S. company seeks to save taxes by removing its worldwide operations from the U.S. tax system. An inversion is the […]

Author: James F. McDonough

July 30, 2014

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